That time of year.....beware the spending trap!

Dobbibill

GirlupNorth wrote: »

Hi, we get paid tomorrow! it's SO early and makes January 7 weeks long. Luckily I'll have enough and have already bought relevant presents etc, but I'm not sure how this is a good idea.

The idea is that you will 'pay yourself' the same day as your employers would have paid you if it was any other month in the year.

They are not making January 7 weeks long, you are by making November a shorter than normal month.

If you follow EssexHebridean's advice then you won't have your pay early.

EssexHebridean

Exactly. It's all about getting your head around that money "not being there" until your usual pay date.

As for how it's a good idea - it's not, but for some firms with manual payroll systems, they have little option at this time of year unless someone is scheduled to be in anyway - for companies that shut down from 22nd - 3rd though, they want to ensure that the payroll is run and anyone who has encountered problems can get back to them before they shut down for christmas.

Sharon87

GirlupNorth wrote: »

I've also cancelled my overdraft now so I have to live within my means going to try and spend as little as possible until pay day would normally be, so it feels more normal. We will see...lots of netflix and sleeping I think!

Same here, I used to have a large overdraft, now I reduced it to £100, so can't overspend like I used to. I use YNAB now, so any overspending in certain categories has to come out of another category.

I also finished my job this month (starting a new one in January) so will have a bit less money to spend anyway this January!

SkintTeacher

Every year I have fallen into the trap of spending in December like there is no tomorrow. Then the inevitable 'tomorrow' comes. This is my first year as a debt-free wannabe and I'm really enjoying the feeling of having left the money in the account as I know i'll need it soon enough!

iolanthe07

What people need to do is to build up a 'float' to absorb fluctuations in pay day. When I was really broke and first married in the early 1970's I did manage to squirrel a little away, even on a salary of £65 a month (OK, things were a lot cheaper then). I'm retired now and the state retirement pension is paid every four weeks, so the date gradually moves back each month (except February), which is a great help for budgeting.